3:42 PM, 09/11/2011
ADB to grant loan to upgrade road network in VN
VGP – Deputy PM Hoàng Trung Hải has ratified the outcomes of negotiation on a credit agreement and related documents for a transport project in the northern mountainous provinces of Việt Nam.
The Governor of the State Bank of Việt Nam was entrusted to sign the loan agreement with the Asian Development Bank.
Six provinces, namely Cao Bằng, Bắc Kạn, Hà Giang, Tuyên Quang, Yên Bái and Lào Cai will be benefited from this project.
The project consists of two phases with US $109.6 million for the first phase, including US $80 million from ADB loan.
The loan will be used to improve about 300km of unpaved and frequently impassable roads in the six mountainous provinces, where about a third of the people live in poverty, and the area is home to many ethnic minority communities.
The project is scheduled for completion in 2017.
By Kim Loan
